https://www.miningweekly.com

Petra Diamonds to grant Tanzania 16% free carried interest in Williamson mine

13th December 2021

By: Reuters

  

Font size: - +

Petra Diamonds will grant the government of Tanzania a 16% free carried interest in its subsidiary Williamson Diamonds Limited, CEO Richard Duffy said at a signing ceremony in Dar Es Salaam on Monday.

The move, expected to be included in a framework agreement to be signed on Monday, will bring Petra into line with Tanzania's mining legislation which sees the government granted a 16% free carried interest in all major mines in the country.

Williamson is Tanzania's only major diamond mine.

Petra Diamonds and the government of Tanzania will each give up a proportionate amount of their current stakes to grant the 16% free carried interest, which is given to the state without any attached financial obligation.

Petra's stake will thus reduce from 75% to 63%, with Tanzania's stake increasing from 25% to 37%, Duffy said.

Tanzania's President Samia Suluhu Hassan was set to speak at the ceremony later on Monday. Black Rock Mining, OreCorp, Peak Resources, and Strandline Resources were also at the event, where other agreements were expected to be signed.

Strandline last week said it had made "excellent progress" towards completing its framework agreement with the Tanzanian government

Edited by Reuters

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION